The Gipsy Hill Bar Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11085122 (England and Wales)

Unaudited Financial Statements

for the Period 1 December 2018 to 31 December 2019

for

THE GIPSY HILL BAR COMPANY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S T McMeekin

C Shaw

REGISTERED OFFICE:

Thorne Lancaster Parker 4th Floor,

Venture House,

27-29 Glasshouse Street,

London

W1B 5DF

REGISTERED NUMBER:

11085122 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

Chartered Accountants

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

5

48,046

38,414

CURRENT ASSETS

Inventories

6,170

-

Debtors

6

34,636

16,533

Cash at bank

7,815

23,280

48,621

39,813

CREDITORS

Amounts falling due within one year

7

237,644

145,000

NET CURRENT LIABILITIES

(189,023

)

(105,187

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(140,977

)

(66,773

)

CREDITORS

Amounts falling due after more than one year

8

6,044

-

NET LIABILITIES

(147,021

)

(66,773

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(147,121

)

(66,873

)

SHAREHOLDERS' FUNDS

(147,021

)

(66,773

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2020 and were signed on its behalf by:

S T McMeekin - Director

1.	STATUTORY INFORMATION

The Gipsy Hill Bar Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property - 10% on cost

Plant & machinery - 10% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Financial instruments

The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade creditors, and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 (2018 - 9 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 December 2018

26,483

12,857

-

39,340

Additions

-

14,834

5,060

19,894

Disposals

(2,203

)

-

-

(2,203

)

At 31 December 2019

24,280

27,691

5,060

57,031

DEPRECIATION

At 1 December 2018

221

705

-

926

Charge for period

4,887

2,242

930

8,059

At 31 December 2019

5,108

2,947

930

8,985

NET BOOK VALUE

At 31 December 2019

19,172

24,744

4,130

48,046

At 30 November 2018

26,262

12,152

-

38,414

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

31,936

-

Other debtors

-

16,533

Prepayments and accrued income

2,700

-

34,636

16,533

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

63,167

26,311

Amounts owed to group undertakings

157,591

111,792

Social security and other taxes

15,886

5,497

Accruals and deferred income

1,000

1,400

237,644

145,000

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other loans - 2-5 years

6,044

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

ordinary shares

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 December 2018

(66,873

)

Deficit for the period

(80,248

)

At 31 December 2019

(147,121

)